Archive for February 2009
Norton Rose announces three new partners to relocate to Middle East
Points of Essence:
- Norton Rose is ready to enhance its Islamic finance legal practice in the Middle East by placing three of its key Islamic finance partners in the Dubai and Abu Dhabi offices. Ameinfo has the report.
International legal practice Norton Rose (Middle East) LLP announced that three London-based partners will move to join the Middle East offices.
Global Head of Islamic Finance, Neil D Miller will join the Dubai office and corporate finance partner, Alan Bainbridge and asset finance partner, Emma Giddings, will both move to the office in Abu Dhabi.
Britain’s First Islamic Motor Insurance
Points of Essence:
- Newest player Salam Halaal is a pioneer Islamic motor insurance company in Britain. Riding on the takaful concept, the customers may now enjoy protection to their vehicles and at the same time discounts on their next premium payments. All devoid of unethical elements as under the conventional insurance. Islamonlinenet has the report.
CAIRO – A London-based Islamic insurance firm has hit UK roads with a Shari’ah-compliant car insurance product that immediately attracted Muslim and non-Muslims for its ethical nature.
Bahrain Islamic Bank is named best in region
Points of Essence:
- Bahrain Islamic Bank won an award for the best Islamic institutional finance bank in the Gulf region from World Finance magazine. The award is for the bank’s overall performance and excellent reputation among its peers. The Gulf Daily News has the report.
MANAMA: Bahrain Islamic Bank (BisB) has been named the “Best Islamic Institutional Finance Bank in the Gulf region”, by World Finance magazine.
SBP issues ‘Guidelines on Islamic Financing for Agriculture’
Points of Essence:
- State Bank of Pakistan issues the first of its kind Guidelines on Islamic financing for agrigulture. The Guidelines will assist banks to devise shariah compliant products to cater to the agricultural needs. Riding on the most acceptable concepts of Islamic financing, the Guidelines will make it possible for Islamic finance to penetrate into the potential demand of the agriculture sector in Pakistan. Pakistan’s Online News has the report.
KARACHI: The State Bank of Pakistan today issued “Guidelines on Islamic Financing for Agriculture” to help banks develop specific Shariah compliant products in order to meet the financing needs of the farming community. These Guidelines have been developed in consultation with stakeholders while keeping in view the potential and demand for Islamic banking products in the field of agriculture.
BLME Plans Three Islamic Funds This Year
Points of Essence:
- BLME will roll out fixed income, distressed real-estate assets and equities funds this year targetting the HNW individuals and families from the Middle East. Khaleej Times has the report.
DUBAI – Bank of London and the Middle East, or BLME, plans to launch at least three funds in 2009 targeting fixed income, distressed real-estate assets and equities, a bank executive said on Thursday.
The Shariah-compliant lender, which was launched in July 2007, has completed preparation for a US dollar based fixed income fund, a UK real estate distressed assets fund and an equities fund, Adrian Gayler, the newly appointed head of private banking at BLME, told Zawya Dow Jones in a phone interview.
Malaysia gives out more Islamic fund licenses
Points of Essence:
- New fund management licencees, Aberdeen Islamic Asset Management, BNP Paribas Islamic Asset Management and Nomura Islamic Asset Management made up a total of 8 foreign fund managers allowed by the Securities Commission to operate Islamic fund operations in Malaysia. As Malaysia allows 100% foreign ownership of the Islamic fund management companies, it has gained interest from global key players with some have already set up offices in the country. This will augur well for Malaysia’s global hub ambition. The Asian Investor has the report.
By Rita Raagas De Ramos, 2 February 2009
The country steps up efforts to become a global hub for Islamic investments by awarding licenses to Aberdeen, BNP Paribas and Nomura.
Malaysia’s Securities Commission has awarded three new foreign Islamic fund management licenses to Aberdeen Islamic Asset Management, BNP Paribas Islamic Asset Management and Nomura Islamic Asset Management. That brings to eight the total number of fund houses allowed to operate Islamic fund operations in the country.
Ajman Bank eyes 6% of market share in UAE
Points of Essence:
- Ajman Bank plans to gain control of 6% of the UAE’s market share of Islamic banking in the next 3 years. With the Ajman Government holding a major stake in the bank, it will start with a string of new branch openings throughout the year as well as niche financing products. With the effects of the global economy are still felt worldwide, the bank is nevertheless convinced that it will see the desired outcome. The Arabian Business has the report.
By Mohamad Al Kady on Tuesday, February 03, 2009
Ajman Bank has plans to control six per cent market share of UAE’s Islamic banking and 50 per cent in Ajman over the next three years.
The bank officially inaugurated its banking operations in Ajman yesterday as Yousif Khalaf, the Chief Executive Officer of Ajman Bank, revealed an ambitious plan to expand its Islamic banking operations in the country within the next three years.
BNP Paribas aims for major Islamic business growth
Points of Essence:
- BNP Paribas plans to expand its Islamic financial business in two years’ time acommodate the growing demands from the Middle East.
by Cecilia Valente
BNP PARIBAS: Expectations remain high about growing Islamic business.
BNP Paribas Investment Partners, the French group’s fund management arm, plans to grow its Islamic business five-fold or more in the next two years, its Middle East head told Reuters on Monday.
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CBB to host workshops on financial standards
Points of Essence:
- Bahrain will host workshop on Islamic finance related standards issued by the Islamic Financial Services Board. Aimed at facilitating better implementation of the standards, the workshops will cover the issues of supervisory review process, risk management and corporate governance. Gulf Daily has the report.
MANAMA: The Central Bank of Bahrain is hosting the Islamic Financial Services Board – Facilitating the Implementation of Standards (IFSB-FIS) workshops.
